Employee Benefit Plan Audits

iStock_000039530454_LargeFor years, U.S. Department of Labor Chief Accountant Ian Dingwall has been advising employee benefit plan administrators to avoid using auditors who “dabble” in employee benefit plans. During this period, the DOL has consistently found that approximately one third of the employee benefit plan audits the agency reviews are deficient, and points to the firms that perform fewer than five of these audits as the most common offenders. Building on this public commentary, the DOL has worked vigorously to push out the dabblers, and the American Institute of Certified Public Accountants (AICPA) and a growing number of state boards of accountancy are supporting this effort.
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